Coller Capital’s latest Global Private Capital Barometer shows a surprising tilt: nearly half of limited partners see continuation vehicle (CV) activity rising, even as private‑market exits strengthen. Roughly 40 % of LPs expect CV volumes to climb, while 29 % predict steady levels. This shift signals a new investment focus.

CVs, long viewed as niche, are now embraced as a durable tool for managing liquidity and extending exposure. LPs leverage them to capture secondary flow across diverse asset classes, betting on longer‑term upside while smoothing portfolio turnover. This strategy aligns with their risk‑adjusted return targets and enhances capital efficiency.

The Barometer’s findings suggest that investors view CVs as a hedge against market volatility, not just a vehicle for quick exits. With exit conditions improving, LPs still anticipate higher secondary activity, reflecting confidence in private‑market resilience. This outlook may prompt fund managers to adjust fee structures and liquidity terms and drive innovation in secondary products. Ultimately, the trend reinforces the evolving private capital ecosystem.

For fund sponsors, the uptick in CV demand could translate into steeper pricing and tighter capital call schedules. LPs who lock in early access may secure preferential terms, while those lagging risk missing out on the next wave of secondary bargains. This shift underscores the importance of strategic liquidity planning for all participants.